British Columbia Oil & Gas
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Murphy Oil reports that its Canadian subsidiaries have entered into binding agreements which will results in the disposition, effective April 1, 2004, of most of its Western Canadian conventional assets as previously announced for total proceeds of C$829.5 million. This sale includes year end 2003 proved reserves (net of royalty) of approximately 46 million barrels of oil equivalent from heavy oil, light oil and natural gas properties. Closing of the transaction is expected before the end of the second quarter and will be subject to due diligence provisions and normal regulatory approvals. Waterous & Co. served as Murphy's advisors in this transaction.
Claiborne P. Deming, Murphy's President and Chief Executive Officer commented, "We are extremely pleased to conclude the sale of our Western Canada assets as the Company can now redirect its focus and capital to higher growth and higher return frontier areas."